The future of digital currency technology is looking very bright, and there are various projects working on different features to bring that future one step closer every day. Some of the things a lot of people are looking forward to, include digital identity, a reputation system, smart contracts, and issuing cryptographic tokens. Whereas project such as bitcoin and Ethereum – Bitcoin 2.0 – might possess some of these traits, BitShares seems to have a leg up on its competitors as the Bitcoin 3.0 currency.
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One of the more interesting things about digital currency is how developers can take an existing project – such as Bitcoin – and start building new features on top of it. But even those new platforms will have to keep evolving, and BitShares seem to be ahead of Ethereum in this regard, as their software solution offers a lot of features people would expect Bitcoin to possess at some point in the future.
Smart contracts can be used on the Bitcoin blockchain through BitHalo, although most people are exploring this technology in the Ethereum department. That being said, people tend to forget BitShares offers this functionality as well. But what BitShares does differently is make their smart contract technology more scalable, albeit less flexible than Ethereum. Depending on how this technology will be used by specific companies or entities, there are now three different platforms to choose from.
Issuing new digital assets on a blockchain have piqued the interest of central banks and other financial institutions around the world. The BitShares blockchain lends itself well to do exactly that and even supports market-pegged assets. But what is even more important is how these assets are censorship-resistant.
There seems to be a lot of focus on digital notary services, such as the ones offered by BitNation. The BitShares protocol is slightly behind the curve in this regard, as digital oracles are still being developed and implemented. That being said, it is possible to witness prices and implement notary services for digital documents right now, albeit more functionality will be added over time.
Last but not last, there is the topic of creating a digital identity and assigning a reputation score to it. Neither the Bitcoin or Ethereum protocol offers this functionality right now, although development is underway. BitShares does offer identity management, a technology that is being used by entities such as Openledger right now.
Source: BitShares
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